Do you ever look at a successful real estate investor and wonder what’s in their head? Wonder how they think and what makes them tick? We all want success, after all. Chasing it is often a long and difficult road, and we can usually turn to those who have gone before us for guidance.
However, it’s usually a little more difficult to get in their heads! What is the mindset of a successful real estate investor?
You could spend your time looking at quotes, buying books, and piecing it together yourself, but here are a few principles that we know are in the recipe for success across the board. If you start shaping your thoughts and actions in following these mindsets, you’re going to be on the right foot. Will it guarantee your success?
No. Nothing does. But it will help you start making moves towards the right path.
8 Parts of Successful Investor’s Mindset
1) I will not dwell on mistakes and regrets.
Do you know what investors do when they start dwelling on mistakes? When they start regretting and agonizing over every decision? They sabotage themselves.
Sometimes we make mistakes. Investors absolutely will make mistakes, and they might be big ones. Wasting time on regret or guilt doesn’t get you or your investments anywhere.
In fact, it just hurts your future prospects because the fear of screwing up again is going to keep you from examining future deals and opportunities with a clear head. Instead of regretting, learn. Learn from you mistakes, examine what happened, and move on. Eliminate the emotional element.
2) I know that comparison is the thief of joy.
It can be so, so easy for us, not just investors, but people, to start looking as what everyone else is doing right and to start feeling inadequate. Maybe another investor is doing “better” than you are. Maybe they got the deal you wanted. Maybe someone younger and more inexperienced has more cash flow than you do. You start beating yourself up and wondering if you’re cut out for this whole investment thing.
Folks: comparison is the thief of joy. There is merit in learning for other people’s journeys but there is no merit in comparing them. Your opportunities are yours and no one’s opportunities or situations are the same. You can’t compare them. You’ll only end up with an inflated ego (bad) or a pity party (also bad).
3) I accept that I can’t control everything.
None of us really have all that much control. Real estate offers us a lot more freedom than a lot of other investments. In many ways, we are the captains of our own fate. In others, we’re not.
Accepting that there will be things you can’t control and that some things are just out of your hands is going to lead you to greater success because you won’t waste energy. Instead of trying to move the immovable, control what you can and work with what you can’t to your best advantage.
4) I will not waste time worrying.
Worry is killer. It’s something to do, but it doesn’t do anything. Staying up worrying about deals, worrying about potential problems, worrying about this or that, whatever it is: it will just drive you crazy! Successful real estate investors know that worry is a big fat waste of time. They don’t don’t it. They know what happens happens and that they’ll cross their bridges when they come to them. No one knows the future and you have to be present to be successful.
5) I won’t feel guilty for taking time off.
This is bigger than you think. If you have workaholic tendencies, it’s hard to feel okay taking time off. It’s hard to unplug and stop checking e-mails. Successful investors are okay with taking time for themselves because they know that they do the best work when they are the rested and clear-headed. They know that balance matters and that it isn’t about working hard: it’s about working smart.
6) I will be decisive and diligent.
Analysis paralysis is real. Successful investors don’t let it get in the way! They are decisive when they need to be, gather the information they need, and make decisions without second-guessing or backtracking. Diligence is something they value: they are experts at gathering information, being thorough, and ensuring that everything is done right and well.
7) I will open myself to advice and fair criticism.
Successful investors know that there is value in constructive criticism. They don’t ignore complaints and critique. Instead, they listen, consider, and investigate. They know that outside perspectives can be valuable in improving their services and strategies.
8) I will provide properties and services that I am proud of.
This one is so, so important. Successful real estate investors provide what they are proud of. They are proud of their properties, their management, and their business. They don’t cut corners. They maintain high standards for themselves and their employees. They know that honesty, integrity, and diligence are among the most important things in this business.
Successful investors aren’t just about the quick buck—they’re about excellence in all that they do.